Is this toast, page-5

Putting any value on its assets is fraught; they've written some down but this is on the basis of a KPMG valuation report. I don't trust the Big 4 accounting firms to act in an independent and disinterested fashion, and valuation is subjective enough that a biased analyst will always find something to support what their client wants to hear.

The share price itself isn't what's of major concern from the point of bringing in new business, either - rather, news of its practices will make investors hesitant to give their money to Blue Sky. Additionally, solvency problems may soon emerge - the outfit's operating costs are quite high (iirc $45m annually?), and the cash it has at-bank is a fairly pitiful residue of the $150m of capital they recently raised.

I lost quite a bit of cash on this, I should add (the reason I originally bought, related to some expertise I have in tax and seeing some activities of Blue Sky which were taking advantage of new tax legislation - all legit - which could be expected to make it more appealing to foreign investors in a way the market might not immediately price in was actually correct and did bear out in the short term, but I held onto it because I'm an idiot).